NFT or Non-Fungible Token is currently booming in the crypto world, NFT is now a concern. Because one NFT is very expensive, even though the NFT is often in the form of paintings, memes and so on. For example, there is a painting by Bepple which has a fantastic price of up to $6.6 million dollars. NFT or Non-Fungible Token is a type of digital asset that is being talked about a lot. Non-Fungible Tokens are traded online and are often paid for in a cryptocurrency manner. It is usually coded using basic software similar to other crypto assets.
The Non-Fungible Token itself has been around since 2014. But now, it is getting more and more popular because it is considered a fairly practical method to trade digital artwork or art. Non-Fungible Token has a unique code that will appear when making a transaction. Digital works of art that are sold, can be seen by anyone as a whole. Usually, Non-Fungible Tokens also contain built-in authentication which functions for proof of ownership.
Simply put, NFT is a Non-Fungible Token. Fungible basically means something that is interchangeable. For example, if you have one 500,000 note, you can exchange it for five 100,000 bills, or ten 50,000 bills, which in the end will still be worth the same. However, if something is not interchangeable, it means that this tool has unique properties so that it is not interchangeable with others.
This tool can be a house, or an art painting or something similar. You can take photos of the paintings or buy prints, but there will only be one real painting. NFTs are the “only” assets in the digital world that can be bought and sold like any other property, but they have no tangible form. Digital tokens can be considered as certificates of ownership for virtual or physical assets.
NFT buyers will receive digital files. In addition, they also get property rights. So, NFT can only be owned by one person. This uniqueness is what makes NFT so valuable. NFT can be just a matter of pride for certain things fans. The more unique the collection, the more satisfying it is for collectors. Moreover, NFT can also symbolize one’s financial ability in the internet world.
Like with cryptocurrencies, NFT also uses blockchain technology. The utilization of this blockchain technology allows one to be able to trace the unique code of the NFT. From there, you will be able to find out who the original publisher, first buyer and or current owner of the digital asset was. It should be noted that NFT technology cannot prevent someone from owning a copy of an NFT digital asset. But the differentiating factor lies in the unique code that will be legal proof of ownership.
Now a new breakthrough has been created in helping the community, especially Balinese artists, to secure and market the works of art they have created easily and safely, namely the Baliola Marketplace. Baliola is an abbreviation of Bali Online Asset, which is a marketplace that functions to trade artworks, especially those created by Balinese artists.
Of course, artists must prepare digital works for upload and sale. The work can be in all forms of digital assets such as photos, illustrations, paintings, dances, videos, music, designs, philosophies, momentum, stories and so on. In Bali itself, the most popular digital works are in the art field.
Apart from works of art, there are many other forms of NFT that can be traded. The shape can be different according to what item you want to attach the NFT to, it can be collectables or even physical objects. This makes NFT an effective choice for purchasing digital assets where they are collectable. Not only that, NFT or Non-Fungible Token technology can also be used to eradicate piracy practices.